The Nigerian Education Loan Fund, NELFUND, has dismissed recent reports suggesting financial mismanagement within its student loan scheme, calling the allegations inaccurate and misleading.
This follows a disclosure by the Independent Corrupt Practices and Other Related Offences Commission, ICPC, of the diversion of billions of naira earmarked for education. While no direct link was made to NELFUND, speculation emerged over its possible involvement.
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In a statement on Thursday, the Fund clarified that the figures cited by the ICPC relate to previous education funding programmes and have no bearing on the current student loan system.
NELFUND stressed that all tuition fees are paid directly to approved institutions, with maintenance allowances transferred to verified student accounts. It added that the loan application and disbursement process is fully automated, leaving no room for manual interference. Every transaction, the Fund said, is digitally traceable, ensuring transparency and accountability throughout its operations.
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